Illinois Solar Panel Rebates

Illinois solar tax credits.

Illinois solar panel rebates.

Because home and business owners want to get the largest incentive amount possible solar panel installation companies will likely be flooded with new projects before year s end. At the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation. Rec s are a state incentive whose value is equal to the solar energy you produce over 15 years times the price set by the illinois power agency for rec s. Solar renewable energy credit srec residential.

25 in the nation for installed solar capacity. Up until this year illinois had offered a rebate for all customers of investor owned utilities comed and. Illinois doesn t offer any tax credits for solar power installations. Illinois solar incentives illinois solar power rebates.

In 2014 illinois installed 6 megawatts of solar capacity which ranked it 27 th for growth that year. If you re a comed customer and install solar on your business you re eligible for 250 per kilowatt kw of installed solar power. Comed commercial solar rebates. Solar incentives rebates and tax credits available in illinois in 2020.

Solar energy industries ranks illinois no. There may still be other local rebates from your city county or utility. All of illinois can take advantage of the 26 federal tax credit which will allow you to recoup 26 of your equipment and installation costs for an unlimited amount. For your system the value is 7 1 cents kwh produced which is paid in year one.

The funds are typically allocated on a first come first serve basis until the budget has been spent. It s smack dead center when it comes to solar energy. Commonwealth edison offers the top utility net metering program in illinois. Please note this is an incentive which is subject to tax.

For illinois the average solar payback period is 9 31 years. This is a. Another choice that solar shoppers have to face is how to pay for a solar panel system. The state of illinois offers a 25 rebate to help illinois residents and business owners pay the costs of installing solar energy products in their homes.

Comed one of il s largest utility companies provides rebates for commercial and industrial c i customers to help decrease the out of pocket costs of installing solar.